Clear and concise? I don't even see that date. 01.09.2019. That would be 01 September 2019 the way the Aussies do it.
I see a 08 January 2019 article titled Beacon under investigation for over a year. Is that the one you are referring to? If so, it doesn't confirm that the investigation is ongoing...it isn't ongoing. There are other articles that confirm that it isn't ongoing...crikey...
Beacon under investigation for over a year Court documents seen by ifa reveal the extent of ASIC’s investigation into Beacon Financial Group and clarified how its directors spent the money they took from an unregistered fund.
NEWS by James Mitchell - January 08, 2019 16 comments
A federal court document dated 30 June 2018 outline the corporate regulator’s efforts to appoint receivers to the companies linked to Linchpin Capital in light of unlawful activity surrounding an unregistered fund.
“On or about 10 January 2018, ASIC commenced an investigation pursuant to section 13 of the ASIC Act into the following people and entities in relation to suspected contraventions of the act:
(a) the first defendant, Linchpin Capital Group Limited (ACN 163 992 961);
(b) the second defendant, Endeavour Securities (Australia) Limited (ACN 079 988 819);
(c) Beacon Financial Group Pty Ltd (ACN 162 734 152);
(d) The Financiallink Group Pty Ltd (ACN 055 622 967);
(f) Risk and Investment Advisors Australia Pty Ltd (ACN 104 922 394);
(g) Investport Pty Ltd (ACN 160 710 190); and
(h) their officers, employees, agents and associated entities.
At the heart of ASIC’s investigation is an unregistered managed investment scheme called the Investport Income Opportunity Fund, of which Linchpin is the trustee. Linchpin is also the sole shareholder of Endeavour, the responsible entity of the scheme.
As part of its year-long investigation into the complex web of companies, court documents revealed that ASIC conducted an examination of Ian Williams, Peter Daly and Paul Nielsen – who have all been directors of Linchpin, Endeavour and a number of other companies in the Linchpin Capital Group.
ASIC’s investigation found that the Investport Income Opportunity Fund has made personal loans to directors Mr Daly and Paul Raftery.
Court documents reveal that in the period 14 September 2015 to 25 July 2017, Linchpin, as trustee of the unregistered fund, entered into a number of written loan agreements whereby it made loans to Mr Daly.
By the written loan agreements, it agreed to advance to Mr Daly a total sum of $125,000. The terms were the Linchpin standard terms. Mr Daly gave as security the shares held by him in Linchpin.
“No purpose for the loans was stated in the loan deeds,” the documents noted. However, they later reveal that “during his examination, Mr Daly said that he was advanced the funds to assist him with personal financial difficulties”.
Meanwhile, in April 2016, Linchpin entered into a loan agreement with Mr Raftery for the sum of $30,000, with an initial advance of $10,000. Linchpin entered into the written loan agreement as trustee of the unregistered fund. The security given by Mr Raftery was the shares held by him in Linchpin.
“During his examination, Ian Williams (who signed the loan deed and specific security agreement on behalf of Linchpin) said that the purpose of the loan was to pay for Mr Raftery’s divorce,” the court documents revealed.
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That's it. NO CONFIRMATION that any investigation of The FinancialLink Group took place and certainly NO CONFIRMATION that an investigation of TFLG is ongoing...
Leave a comment avatar Anonymous Wednesday, 09 January 2019 The issue here is not that they made small loans to themselves, it is that the majority of the $16 million they raised for the fund they invested into buying planners books and businesses they own from the court documents including $5 million they pumped into Beacon. So yes while Beacon is perhaps not directly under investigation, it is under investigation in terms of any attempts to recover monies for investors 0 avatar Anonymous Wednesday, 09 January 2019 Other than being not fit or proper people. the main mistake they made was that they are not a bank. If they were a bank they could get away with laundering money for terrorists, manipllating money exchange rates, pressuring doctors to change their statements and they would still be paid a way bigger bonus than the $125k they stole.
Note to all the people who want to rip off customers and steal money and get away scot free- go work for a bank. Oh.....thats right, you already do. 1 avatar Anonymous Wednesday, 09 January 2019 Jeesees, I am reading this and going fair dinkum old PD is in more strife than the bloody early settlers. I mean a man’s gotta pay for his water’s wedding and if ya are a few bob short why not whack ya hand in the till and tide yourself over for a few more weeks, or five years.
I mean it’s not called the bloody opportunity fund for nothing and old PD just took the opportunity. What mug wouldn’t? Poor bugger. How would old PD know ASIC was watching? Why would old PD ever think that? Old PD has a ripper track record with ASIC and nothin’ to be ashamed of, ever. Just bloody bad luck I reckon.
Give a bloke a go. Ya can trust old PD to pay it back pronto cant ya. Ever met a man wearing a gold necklace and matching gold cufflinks and watch ya can’t trust? Fair go.
Old PD is good for it. $125,000 is chicken feed to old PD. He tells everyone that. That loan is as safe as a Melbourne housing price. Can’t be any safer than that mate.
Never did trust that Raftery guy and his bloody AIOFP. Bloody professor smartarse at the Be-Conned Financial Group. Can’t trust the bugger. Reckon he dobbed old PD right into it. Bloody whistle blower. Suckin up to ASIC.
It’s not as if old PD hurt anyone, other than a few stupid punters. I mean what were they expecting once they saw old PD in the PDS. I mean old PD put the C back into CPD and the con back into Be-Con. Silly buggers. Got what was comin to em. Haven’t they heard of due diligence and all that shit? Gotta keep ya eyes open mate. That’s what Google’s for.
Buyer bloody beware at Be-con. Can’t expect anyone else to keep an eye out for ya.
The Be-con advisers are righto though: no chance of a client claim here. The insurance policy will be righto too: it’s not as if it’s a fraud. The annual renewal is in the bag.
Those Be-con boys know old PD is a good bloke. Old PD will pay it all back one day. ASIC’s not crackin’ down here. No way Jose. It’s just a flesh wound. Can’t be compliance problem if there is no compliance, every whacker knows that.
Who would have thought old PD in strife again? It’s Be-con Freakin. 4 avatar Anonymous Wednesday, 09 January 2019 Who ever you are anonymous, good for you for not following the slander and trial by media that the masses are taking part in. Peter is a decent hard working man and a lot of people owe their careers to his mentorship. It's an unfortunate situation, but one should look at the entirety of the facts before burning a straw man. 5 avatar JImmy Thursday, 10 January 2019 I think you need to re-state your claims there pal, Paul Raftery (mentioned in this article) and Adrian Rafferty (prof at Deakin Uni & chair of AIOFP) are different people..... 2 avatar Anonymous Thursday, 10 January 2019 very creative writer. you write well. 0 avatar David Wednesday, 09 January 2019 False headline. Beacon is not under investigation, it is Linchpin and Endeavour. 3 avatar Anonymous Wednesday, 09 January 2019 True 0 avatar Craig Smith Wednesday, 09 January 2019 Australian Financial Services, Yellow Brick Road, Beacon, Long Bay Gaol? 0 avatar Professional adviser Wednesday, 09 January 2019 And we wonder why our industry is under intense scrutiny. I trust ASIC will impose and request the harshest of penalties with significant prison terms as a deterrent for any would be thieves. 0 avatar Mytops Wednesday, 09 January 2019 You would expect better from people that have been in the industry for a long time- long pockets and short arms catch them out every time treating others money as their own 0 avatar Anonymous Wednesday, 09 January 2019 FIT AND PROPER PERSONS??? 0 avatar JJ Wednesday, 09 January 2019 Thx Pete 0 avatar Anonymous Wednesday, 09 January 2019 Please note, Peter Johnston is besties with the Talented Mr Daly. 0
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Just a little more DD at this site reveals this article from 2 months later:
Linchpin Capital, IIOF fund to be shut down Linchpin Capital, the parent company of Beacon Financial Group, has agreed to orders effectively winding up Linchpin, Endeavour Securities and its troubled Investport Income Opportunity Fund.
NEWS by ADRIAN FLORES - March 18, 2019 6 comments
An email from Beacon managing director Peter Daly said the wind up of Linchpin does not apply to subsidiaries “including Beacon, TFLG, RIAA, CPG, IMG or any others”.
However, Mr Daly said it does provide a path to a successful sale and that, in the interim, it remains “business as usual”.
He said Deloitte’s Jason Tracy and David Orr have been appointed as liquidators and will work with management to wind up the entities in an orderly manner.
“We welcomed Jason Tracy’s commitment to work closely with management of the subsidiaries in maintaining the businesses during the sales process,” Mr Daly said.
In August last year, Linchpin and Endeavour Securities had their assets placed into receivership in light of a judgement handed down by the Federal Court.
The case had been brought against Linchpin after ASIC found it had been operating two investment schemes under its IIOF fund.
The following month, another Linchpin-funded advice business, the National Financial Advice Alliance (NFAA), collapsed with over $600,000 owed to unsecured creditors.
Linchpin Capital Group is listed as the largest unsecured creditor at $450,000 owed, which NFAA borrowed from Beacon’s IIOF fund.
Then in November, Beacon terminated its agreement to acquire advice firm Libertas Financial Planning after it failed to meet its buyout commitments and defaulted.
The botched acquisition deal left around 30 advisers under the Beacon banner in search of a new licensee.
Correction: An earlier version of this article mentioned Linchpin Capital as the parent company of Libertas Financial Planning. This is incorrect. Beacon terminated its agreement with Libertas Financial Planning in November 2018 meaning Libertas is not under Linchpin Capital.
Here are the 6 comments to the article:
COMMENTS (6)
Leave a comment avatar Jack Frost Tuesday, 13 August 2019 I expect they will be jail before Christmas 0 avatar Anonymous Monday, 18 March 2019 So what is the shortfall going to be for investors in Be a con IIOF fund????? 2 avatar Barbsy Monday, 18 March 2019 This is the start to criminal proceedings against the directors meddling with peoples money without a licence. More to come.... there is no sale -3 avatar Anonymous Monday, 18 March 2019 Note that it is now in liquidation - good luck to your fact checks and sources/sauces as you clearly know all... 0 avatar Anonymous Monday, 18 March 2019 Directors duties and responsibilities, class action pending, responsible manager obligations, conflicts of interest. Read your own orders carefully. The regulator has its own powers it can enforce out of the courts. I believe Paul Nielsen has resigned as a Director??? Well too late to run now. 1 avatar Anonymous Monday, 18 March 2019 Oh joy!!!
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